July Stimulus Package – What do you think?
As businesses digest the contents of the July Stimulus Package announced last week, Dublin Chamber is assessing its likely impact. We are also considering what further measures are needed to support businesses and reboot the economy in the run up to Budget 2021. You can help by telling us your opinion.
Please take just 2 minutes to complete our survey by clicking here. Your response to the survey will help Dublin Chamber as we continue lobbying Government on your behalf over the coming weeks and months.
We encourage you to check out Revenue’s helpful information leaflet which you can read here, summarising the tax measures introduced in the stimulus package. It outlines the rules that will apply going forward under a number of schemes and offers clarity on several points including the following:
- No new applications for the Temporary Wage Subsidy Scheme (TWSS) will be accepted from 31 July 2020.
- To qualify for the Employment Wage Support Scheme (which will replace the TWSS from September 2020), the employer must be able to demonstrate that they reasonably anticipate a minimum of 30% reduction in turnover or customer orders in July to December 2020 compared with the same period in 2019.
- Both schemes will run in parallel from 1 July until the TWSS concludes at the end of August. This will provide additional flexibility to employers with new hires and seasonal workers who were not previously eligible for TWSS and who may now qualify for EWSS. However, where an employee is already within TWSS, he or she must remain in that scheme until the end of August.
- The key condition of eligibility for warehousing of certain PAYE and VAT debts is that a business continues to keep its tax returns up to date. Under this arrangement, liabilities accrued during Covid-19 restrictions will be ‘parked’ on an interest-free basis for 12 months
If you have any further feedback on the Government measures, insight on challenges and developments in your sector, or ideas for Budget 2021, please don’t hesitate to get in touch with the team by emailing email@example.com. We are always keen to hear from you.